Slide 1: Q3 2025 Financial Results Conference Call Slides
Q3 2025 Financial Results Conference Call Slides
Slide 2: Forward-Looking Statements
This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates, changes in global economic conditions, tariff and trade p
Slide 3: Net Sales
Net Sales MM $280,000 Net Sales (MM) Up 13% Y/Y; Up 12% F/X Adjusted (1) $33,006 18% $180,169 $158,877 $40,896 $106,267 $140,000 23% 59% North America International AWS $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) Information throughout this presentation regarding the effect of foreign exchange ra
Slide 4: Net Sales – TTM
Net Sales – TTM (1) MM $1,000,000 Net Sales - TTM (MM) Up 11% Y/Y $121,932 18% $691,330 $620,128 $154,590 $414,808 $500,000 22% 60% North America International AWS $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) Trailing twelve-month period. 4
Slide 5: Operating Income
Operating Income (1) MM $30,000 Flat Y/Y; Down 1% F/X Adjusted $17,411 $17,422 $15,000 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) Q3 2025 operating income includes two special charges which reduced operating income: the first charge of $2.5 billion relates to a legal settlement with the Federal
Slide 6: Operating Income – TTM
Operating Income – TTM (1) MM $100,000 Up 26% Y/Y; Up 25% F/X Adjusted $76,201 $60,599 $50,000 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) TTM Q3 2025 operating income includes two special charges taken in Q3, which reduced operating income: the first charge of $2.5 billion relates to a legal set
Slide 7: Net Income
Net Income (1) MM $30,000 Up 38% Y/Y $21,187 $15,328 $15,000 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) Q3 2025 net income includes pre-tax gains of $9.5 billion included in non-operating income (expense) from our investments in Anthropic, PBC. 7
Slide 8: Net Income – TTM
Net Income – TTM (1) MM $90,000 Up 53% Y/Y $76,482 $49,868 $45,000 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) TTM Q3 2025 net income includes pre-tax gains of $12.8 billion included in non-operating income (expense) from our investments in Anthropic, PBC. 8
Slide 9: Segment Results – North America
Segment Results – North America MM Net Sales MM Operating Income (1) $180,000 $15,000 Up 11% Y/Y Down 31%] [Down 15% Y/Y; Y/Y; Down 32%] [Down 14% F/X F/XAdjusted Adjusted $106,267 $95,537 $90,000 $7,500 $5,663 $4,789 $0 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2
Slide 10: Segment Results – International
Segment Results – International MM Net Sales MM Operating Income (1) $70,000 $2,500 Up 14% Y/Y; Down 8% Y/Y; Up 10% F/X Adjusted Down 31% F/X Adjusted $40,896 $35,888 $1,301 $35,000 $1,250 $1,199 $0 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 TTM Net Sales $154
Slide 11: Segment Results – AWS
Segment Results – AWS MM Net Sales MM Operating Income (1) $50,000 $18,000 Up 20% Y/Y Up 9% Y/Y; Up 11% F/X Adjusted $33,006 $11,434 $10,447 $27,452 $25,000 $9,000 $0 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 TTM Net Sales $121.9B; TTM Operating Income $43.8B
Slide 12: Free Cash Flow – TTM
Free Cash Flow – TTM (1) MM $80,000 Up 101% Y/Y Down 69% Y/Y (2) $47,747 $40,000 $14,788 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Long-Term Goal – Optimize Free Cash Flows (1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales an
Slide 13: Shares
Shares MM 16,000 10,872 10,955 361 268 8,000 10,511 10,687 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Common Shares Outstanding Stock-Based Awards Outstanding Long-Term Goal – Efficiently Managing Dilution 13
Slide 14: Appendix
amazon Appendix
Slide 15: Free Cash Flow Reconciliation – TTM
Free Cash Flow Reconciliation – TTM MM Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating Cash Flow $112,706 $115,877 $113,903 $121,137 $130,691 Purchases of property and equipment, net of proceeds from (64,959) (77,658) (87,978) (102,953) (115,903) sales and incentives Free Cash Flow $47,747 $38,219